Mullen Automotive Inc (NASDAQ:MULN) shares traded higher early Thursday before paring gains. Here's a look at what's going on.
What To Know: Mullen on Thursday announced that it has been approved for Foreign Trade Zone (FTZ) status with the U.S. Department of Commerce for its commercial vehicle manufacturing and assembly center in Mississippi.
The FTZ approval qualifies the company for a variety of benefits, including deferment of payments on duties related to import fees. For domestic U.S. sales, Mullen will now be able to match import duty payment to when vehicles are shipped from the zone. The company highlighted this as a key benefit, noting that it will reduce the pressure on cash flow.
Mullen estimated that resulting deferred working capital on domestic sales could result in deferred outlays of up to $21 million for full-year 2024 and full-year 2025.
For international sales, Mullen is now 100% exempt from duties and taxes owed on vehicles exported, "returning a bottom-line pick-up of up to 27% on vehicle kits and 11% on vehicle batteries for a blended average of 20%," the company said.
"Foreign Trade Zone approval for our Tunica facility is a significant milestone for us, further strengthening our manufacturing position while delivering a competitive advantage and cash flow saving opportunities," said David Michery, chairman and CEO of Mullen Automotive.
The news comes after Mullen shares rallied 19% on Wednesday on high volume following a series of announcements from Mullen this week.
On Monday, Mullen announced that it added National Auto Fleet Group (NAFG) to its dealer lineup. NAFG will support national fleet customers via Sourcewell and offer Mullen's commercial vehicle lineup in two locations in California.
Mullen also announced on Monday that its board unanimously adopted a limited duration stockholder rights plan intended to promote the fair and equal treatment of all stockholders.
On Tuesday, Mullen announced that its subsidiary Bollinger Motors entered into an agreement with Amerit Fleet Solutions, under which Amerit will provide mobile service and maintenance to Bollinger's commercial fleet customers. The two companies will jointly provide EV service and warranty support for the Bollinger B4.
MULN Price Action: Mullen shares were down 4.98% at $6.53 at the time of writing, according to Benzinga Pro.
周四早些时候，马伦汽车公司（纳斯达克股票代码：MULN）股价上涨，随后收复了涨幅。以下是正在发生的事情。
须知：马伦周四宣布，其位于密西西比州的商用车制造和装配中心已获得美国商务部的对外贸易区（FTZ）资格。
自贸区的批准使公司有资格获得各种福利，包括延期支付与进口费用相关的关税。对于美国国内的销售，马伦现在将能够将进口关税与车辆从该区域发货时相匹配。该公司强调这是一项关键好处，并指出这将减轻现金流的压力。
马伦估计，由此产生的国内销售延期营运资金可能导致2024年全年和2025年全年高达2100万美元的延期支出。
该公司表示，在国际销售方面，马伦现在100％免征出口车辆所欠的关税和税款，“汽车套件的底线提货量高达27％，汽车电池的11％，混合平均为20％。”
马伦汽车董事长兼首席执行官戴维·米切里表示：“对外贸易区批准我们的图尼卡工厂对我们来说是一个重要的里程碑，它进一步巩固了我们的制造地位，同时提供了竞争优势和节省现金流的机会。”
该消息是在马伦本周发布一系列公告之后，马伦股价周三因高成交量上涨了19％之后发布的。
周一，马伦宣布将国家汽车舰队集团（NAFG）加入其经销商阵容。NAFG将通过Sourcewell为国家车队客户提供支持，并在加利福尼亚的两个地点提供马伦的商用车阵容。
马伦周一还宣布，其董事会一致通过了一项限期股东权益计划，旨在促进所有股东的公平和平等待遇。
周二，马伦宣布，其子公司布林格汽车与Amerit Fleet Solutions达成协议，根据该协议，Amerit将为布林格的商业车队客户提供移动服务和维护。两家公司将共同为Bollinger B4提供电动汽车服务和保修支持。
MULN价格走势：根据Benzinga Pro的数据，在撰写本文时，马伦股价下跌4.98％，至6.53美元。
